Selling my house with tenants in-situ

Jackinbox99

mandbaby wrote: »

Ooh, that gives me a bit hope. It's just a case of finding someone who will want to buy it. It's very frustrating as I think it's a great investment. I know you can get a buy-to-let mortgage for less than she pays in rent - PLUS the buyer has any equity that builds up on the house, and it's always there for them to sell. Can't understand why people wouldn't be jumping all over it to buy it...

When I last looked at buy-to-let mortages, you had to have a very hefty deposit in order to secure one, so i guess a lot of people cant afford it atm.

DVardysShadow

You will lose a small fortune in rent if you get her out to market your place. You will lose a big fortune in equity if you sell it with the tenant in place.

LilacPixie

no chance the tenant could buy?????

G_M

As has been said there are two options:
1) Evict tenant and sell on open market
2) Keep tenant and find a landlord looking to expand

Option 1 gets you a higher price, but there's the risk of the property being empty for months with no rental income to cover the mortgage. And the tenant is forced to move.
Option 2 gets you a lower price, makes finding a buyer harder, but you keep rent coming in till the date of Completion and the tenant gets to keep their home.

Both options are possible. Why not start with option 2 and see how it goes. If no buyer found, then evict the tenant and go for option 1?

Go round the estate agents with big associated lettings departments. They'll know local landlords.
Get it advertised on Rightmove clearly saying "Offerred with excellent reliable tenant in occupation".
Go and chat to stand-a-lone lettings agencies about possible LLs.
Join a local LL Association. Speak to Business Link about LL's breakfast clubs or similar.

And yes, long shot, but offer it to the tenant. Whatever you decide, be upfront with the tenant. Yes, they might decide to leave before they're pushed, but then that makes the decision easier doesn't it? And keeping them up to date with your plans, esp if you're clearly trying to safeguard their tenancy, should make them more helpful over viewings (which is unlikely if you've served Notice on them and said you want vacant possession!)